Summary
- United States federal prosecutors have indicted two suspects in a cryptocurrency fraud case worth $650 million.
- The suspects are accused of running and promoting OmegaPro, a cryptocurrency multi-level marketing company.
- They allegedly promised investors returns of up to 300% over 16 months and gained illicit profits.
United States federal prosecutors have indicted two individuals in connection with a cryptocurrency fraud case amounting to $650 million.
On the 9th (local time), CryptoPolitan, citing an indictment from the United States District Court for the District of Puerto Rico, reported that Michael Shannon Sims, a resident of the State of Georgia and State of Florida, and Juan Carlos Reynoso, a resident of the State of Florida, were charged with operating and promoting OmegaPro, a cryptocurrency multi-level marketing company.
According to the United States Department of Justice, Sims, Reynoso, and their co-conspirators sold cryptocurrency-based investment packages to thousands of victims from 2019 to 2023, thereby gaining illicit proceeds of approximately $650 million. They promoted these packages by claiming that elite forex traders would safely manage the funds and deliver returns of up to 300% over 16 months.
YM Lee
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